ACC has reported a healthy operating performance in 3QCY17 mainly supported by higher volume and higher contribution of premium products. While revenue grew by 26% YoY to Rs30.5bn, EBITDA registered a robust growth of 52% YoY (down 29% QoQ) to Rs3.5bn, surpassing our estimate of Rs3bn. Cement EBITDA/tonne stood at Rs569 in 3QCY17 vis--vis Rs437 and Rs715 in 3QCY16 and 2QCY17, respectively. Reported net profit stood at Rs1.8bn (+111% YoY and -45% QoQ). Going ahead, we expect ACC to continue reporting healthy volume in the next 2-3 quarters more on account of stabilisation of new capacity in Eastern markets and favourable demand in the region. However, given the absence of any capacity addition...